• Market sounding with banks,
• Preparation of the Head of Terms, Termsheet and other relevant documents,
• Negotiating commercial terms with banks,
• Support in selecting and managing other advisors.

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Finance raising (equity, debt)

• Project sourcing,
• Preparation of process letters and NBO,
• SPA negotiations and other key documents,
• Support in selecting and managing other advisors.

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M&A advisory (buy-side/sell-side)

• Preparation of dynamic financial forecasts for the finance raising, transaction or controlling needs
• Creating dashboards that facilitate navigation and control of results,
• Reviews of models prepared by other advisers.

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Financial modeling
and model reviews

• Market sounding with potential energy suppliers under the PPA;
• Calculation of the volumes to be delivered under the RES auction and selection of the price that meets the customer's criteria.

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Support in the
preparation of auction bids/PPA

• Support in building energy strategies;
• Financial advisory in the PPA process: from preparation of the process, through searching for a contractor, negotiating commercial terms, to concluding a contract.

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PPA and energy consulting

• We provide additional services depending on the client's needs. Please contact us for more information.

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Other services

We help companies from various industries, including:

Biogas and Biomethane
Energy storage
and construction
Waste management


+ MW

transaction in RES
successfully completed


billions PLN
transaction value


billions PLN
value of obtained financing


financial models made

Zdjęcie Adam Kościelniak Partner Zarządzający A-RES
Adam Kościelniak
Founder and Managing Partner

Adam Kościelniak is one of the most experienced financial and transactional advisors in Poland dealing with renewable energy.

He has experience in professional consulting, which he gained in international consulting companies: PwC and EY. Adam supported clients in the areas of M&A transactions, debt financing, enterprise valuations and financial modeling.

Most recently, Adam was Deputy Director at PwC in the team specializing in Investments in Renewable Energy and Infrastructure. He has advised on financing and buy/sale transactions for photovoltaic and wind farms worth over 4 billions PLN and with a total capacity of over 1 GW. The territorial scope of the consultancy was focused not only on Poland, but also on projects in the region of Central and Eastern Europe and Central Asia.

Currently, Adam is a PhD student at the University of International Business and Economics in Beijing (PRC) majoring in finance. He is a graduate of the Warsaw School of Economics and the University of Łódź. He is finishing obtaining international financial and investment certificates: ACCA and CFA ESG Investing.

Adam actively participates, including as a speaker, in events related to the energy industry, infrastructure and investments. Since 2011, he has also been an active stock market investor.


Zespół pracowników


We are looking for new employees.

Join us!

We are always keen to meet energetic and talented professionals who would like to join our team. 

If you wish to be considered for any future positions, please send your CV and covering letter to: